Mcrae Capital Management Inc. Has $12.19 Million Stock Holdings in Truist Financial Co. (NYSE:TFC)

Mcrae Capital Management Inc. reduced its position in shares of Truist Financial Co. (NYSE:TFC) by 0.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 280,894 shares of the insurance provider’s stock after selling 1,285 shares during the period. Truist Financial makes up approximately 2.4% of Mcrae Capital Management Inc.’s investment portfolio, making the stock its 20th biggest position. Mcrae Capital Management Inc.’s holdings in Truist Financial were worth $12,185,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in TFC. AMF Tjanstepension AB bought a new position in Truist Financial in the third quarter valued at about $3,208,000. Exchange Traded Concepts LLC grew its holdings in shares of Truist Financial by 395.6% during the 3rd quarter. Exchange Traded Concepts LLC now owns 2,007 shares of the insurance provider’s stock valued at $86,000 after purchasing an additional 1,602 shares during the last quarter. CX Institutional grew its holdings in shares of Truist Financial by 8.5% during the 3rd quarter. CX Institutional now owns 8,734 shares of the insurance provider’s stock valued at $374,000 after purchasing an additional 684 shares during the last quarter. Vontobel Holding Ltd. increased its position in Truist Financial by 1.9% during the 3rd quarter. Vontobel Holding Ltd. now owns 22,317 shares of the insurance provider’s stock worth $954,000 after purchasing an additional 426 shares in the last quarter. Finally, B.O.S.S. Retirement Advisors LLC lifted its stake in Truist Financial by 3.6% in the 3rd quarter. B.O.S.S. Retirement Advisors LLC now owns 40,135 shares of the insurance provider’s stock valued at $1,717,000 after purchasing an additional 1,380 shares during the last quarter. 71.28% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, CEO William H. Rogers, Jr. acquired 34,180 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The stock was bought at an average price of $48.56 per share, with a total value of $1,659,780.80. Following the acquisition, the chief executive officer now owns 691,451 shares in the company, valued at $33,576,860.56. The trade was a 5.20 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director K. David Jr. Boyer sold 4,966 shares of the company’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $46.20, for a total transaction of $229,429.20. Following the sale, the director now directly owns 11,246 shares in the company, valued at approximately $519,565.20. This trade represents a 30.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.17% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on TFC shares. Citigroup boosted their target price on shares of Truist Financial from $47.00 to $51.00 and gave the stock a “neutral” rating in a report on Monday, November 25th. Piper Sandler upped their target price on Truist Financial from $46.00 to $51.00 and gave the company a “neutral” rating in a report on Tuesday, December 3rd. Wells Fargo & Company increased their target price on shares of Truist Financial from $48.00 to $52.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Raymond James boosted their target price on shares of Truist Financial from $47.00 to $51.00 and gave the company an “overweight” rating in a report on Thursday, January 16th. Finally, The Goldman Sachs Group increased their price target on Truist Financial from $50.00 to $60.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Eleven investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $50.79.

Truist Financial Stock Up 0.2 %

TFC stock opened at $46.46 on Friday. The stock has a market cap of $61.67 billion, a P/E ratio of 13.95, a P/E/G ratio of 1.69 and a beta of 1.08. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.61. The stock’s fifty day simple moving average is $45.55 and its two-hundred day simple moving average is $44.32. Truist Financial Co. has a 1-year low of $34.26 and a 1-year high of $49.06.

Truist Financial (NYSE:TFC) last issued its quarterly earnings results on Friday, January 17th. The insurance provider reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates of $0.88 by $0.03. Truist Financial had a net margin of 15.59% and a return on equity of 9.32%. The company had revenue of $5.11 billion for the quarter, compared to the consensus estimate of $5.05 billion. During the same period in the previous year, the firm earned $0.81 EPS. The firm’s quarterly revenue was up 3.4% on a year-over-year basis. Analysts expect that Truist Financial Co. will post 3.98 EPS for the current year.

Truist Financial Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 3rd. Stockholders of record on Friday, February 14th will be paid a dividend of $0.52 per share. The ex-dividend date is Friday, February 14th. This represents a $2.08 annualized dividend and a dividend yield of 4.48%. Truist Financial’s payout ratio is currently 62.46%.

Truist Financial Profile

Truist Financial Corporation, a financial services company, provides banking and trust services in the Southeastern and Mid-Atlantic United States. The company operates through three segments: Consumer Banking and Wealth, Corporate and Commercial Banking, and Insurance Holdings.Its deposit products include noninterest-bearing checking, interest-bearing checking, savings, and money market deposit accounts, as well as certificates of deposit and individual retirement accounts.